Borregaard: Share options issued
February 17 2017 - 2:23AM
17.02.2017: Borregaard ASA ("Borregaard", OSE
ticker: BRG)
Borregaard's Board of Directors has decided to
issue share options in accordance with the proxy given by the
Annual General Meeting held on 13 April 2016. The total number of
options issued is 364,000.
The options will expire after five years (17
February 2022), and may be exercised in the last two years. The
strike price of the options is NOK 104.11. It is based on the
volume weighted average share price during the first three trading
days after the announcement of the 4th quarter 2016
results with an addition of 10%. The strike price will be adjusted
for dividend and equity transactions. The maximum annual gain is
limited to twice the annual base salary for the CEO, and equivalent
to the annual base salary for the other option holders. At least
50% of the proceeds after tax must be used to purchase shares in
the Company, and the purchased shares will be locked for a period
of three years. In addition, the members of the Executive
Management are expected to acquire shares until their shareholdings
equal their annual base salary, and twice the base salary for the
CEO.
Primary insiders have the following holdings of
options and shares in Borregaard after the new share options were
issued on 17 February 2017 (new options in parenthesis):
Per A. Sørlie holds 180,000 options (60,000) and
owns 145,990 shares
Morten Harlem holds 106,000 options (21,000) and owns 45,959
shares
Tom Erik Foss-Jacobsen holds 77,000 options (17,000) and owns
35,615 shares
Per Bjarne Lyngstad holds 77,000 options (17,000) and owns 53,596
shares
Tuva Barnholt holds 65,000 options (15,000) and owns 29,168
shares
Sveinung Heggen holds 65,000 options (15,000) and owns together
with related parties 8,084 shares
Ole Gunnar Jakobsen holds 65,000 options (15,000) and owns 28,363
shares
Gisle Løhre Johansen holds 65,000 options (15,000) and owns 20,059
shares
Dag Arthur Aasbø holds 65,000 options (15,000) and owns 44,096
shares
The total number of outstanding share options is
now 1,687,380, equivalent to 1.69 % of the number of shares
(including 343,380 treasury shares) in Borregaard.
Contacts:
Chief Financial Officer, Per Bjarne Lyngstad, mobile +47 952 44
515
Senior Vice President Organisation and Public Affairs, Dag Arthur
Aasbø, mobile +47 918 34 108
This information is subject to the disclosure
requirements pursuant to Section 5-12 of the Norwegian Securities
Trading Act.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Borregaard via Globenewswire
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